Wrap Text
Unaudited Group Interim Report for the six months ended 31 December 2018
ELB GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1930/002553/06
Share code: ELR ISIN: ZAE000035101
('ELB', 'the Company' or 'the Group')
UNAUDITED GROUP INTERIM REPORT
for the six months ended 31 December 2018
- Results significantly impacted by losses incurred on the Gamsberg Zinc project
- Overall reduction in trading levels across the Group
- Sales decreased to R1 598 million from R1 715 million
- Profit for the period decreased to a loss of R271 million from a profit of R52 million
- Headline earnings per share decreased to a loss of 817 cents from a profit of 158 cents
- Net asset value per share decreased to 890 cents at 31 December 2018 from
2 754 cents at 30 June 2018
COMMENTARY
INTRODUCTION
ELB is an internationally recognised know-how solutions
provider and capital equipment supplier in the fields of
materials handling, mineral separation, industrial projects,
power solutions and Industry 4.0. This is achieved
through ELB generated innovation, in-house capability
and the supply of world-class equipment and technology.
The Group operates predominantly in Africa and
Australasia.
The results for the period have been dominated, and
severely impacted, by the losses incurred on the
Gamsberg Zinc project in the Northern Cape, currently
being commissioned by ELB Engineering Services
("Engineering Services"). These losses arose subsequent
to the issue of the audited Group consolidated financial
statements for the year ended 30 June 2018. Whilst the
plant is operating, delays in the final performance testing
have resulted in additional costs being incurred in order
to complete the project and hence a delay in receiving
the final milestone payments.
In addition, the Group has incurred additional costs as a
result of remedial work required to bring the tendered and
implemented design of the plant up to the contracted
specifications. These additional costs were expected to
be recovered during the current financial period, however
delays in recovering these additional costs have
necessitated the reversal of some of the expected
recoveries, until such time as the Group is certain that the
additional costs can be recovered.
The Group continues to vigorously pursue all possible
recoveries, which include insurance claims, back-charges,
project asset sales, project scope reduction and
additional plant performance claims.
The Group continues on its strategy to further increase
its know-how and technology focused solutions by
pursuing exponential technology-focused opportunities
and partnerships. These include the development and
incorporation of new technologies into the Group such
as the Internet of Things, Artificial Intelligence and other
disruptive technologies. This will further allow the Group
to provide a broader service offering to its existing and
future clients.
FINANCIAL RESULTS
Due to the project nature of the Engineering Services
segment of the Group there is no consistent correlation
between sales and profits in reporting periods.
Sales for the period declined to R1 598 million in 2018
from R1 715 million in 2017. The decrease has mainly
been in the Engineering Services segment due to the
stage of completion on major projects, including
Gamsberg Zinc, but there was also a marginal decrease in
sales in the Equipment segment, with only Australasia
reporting an increase in sales for the period.
Profit before tax for the period decreased to a loss of
R218 million in 2018 from a profit of R80 million in 2017.
Profit for the period attributable to ELB shareholders
decreased to a loss of R231 million in 2018 from a profit
of R45 million in 2017.
Total comprehensive income for the period attributable to
ELB shareholders decreased to a loss of R231 million in
2018 from a profit of R38 million in 2017, after taking into
account the translation of the Group's foreign operations
and other comprehensive income remeasurements.
The adoption of a new International Financial Reporting
Standard ("IFRS"), which became effective in the current
period, has resulted in changes to accounting policies and
disclosures. The adoption of IFRS 15: Revenue from
Contracts with Customers, has had a considerable
negative impact on the financial position of the Group in the
current period, which has resulted in the reduction of
opening retained equity of R333 million, in terms of the
transitional adjustments as required by IFRS 15.
Headline earnings per share for the period decreased to a loss
of 817 cents from headline earnings of 158 cents in 2017.
The net asset value per share decreased to 890 cents at
31 December 2018 from 2 754 cents at 30 June 2018.
OPERATIONS
Equipment
Sales decreased to R463 million in 2018 from R486 million in
2017 and profit before tax decreased to R36 million in 2018
from R47 million in 2017. The market remains in a state of
uncertainty with directly related demand for construction
equipment in a declining trend while demand for
earthmoving and mining equipment and related sectors are
relatively good considering the current economic conditions.
Reasonable demand from existing mining operations
continues to be experienced compared to very low or non-
existent demand from new or expanding mining operations.
The decrease in profit before tax is due to the
aforementioned decrease in sales offset by the impact of a
slight improvement in margins in the current period. The
comparative period included the positive impact of the
strengthening rand in that period compared to the current
period where this impact has been negligible.
Engineering Services
Sales decreased to R848 million in 2018 from
R974 million in 2017. The decrease is primarily due to the delay
in achieving performance certification on the Gamsberg
Zinc project and the consequent delay in invoicing. Profit
before tax decreased significantly to a loss before tax of
R265 million in 2018 from a profit before tax of R24 million
in 2017, primarily as a result of the issues on the
Gamsberg Zinc project as detailed above. The loss has
been reduced by the positive contribution of the other
projects in the business, which are all on track, in terms of
budget and schedule. In addition, due to its knowledge
and technical capability, Engineering Services has been
awarded a number of operational and maintenance
projects at Medupi in conjunction with the completion of
existing packages of work. Within the next few months
this segment should also see the award of a significant
overland conveyor project, along with the securing of a
number of new projects currently in the pipeline.
Both B&W and the construction business in the segment have
made valuable and positive contributions to these results.
Australasia
Sales increased to R287 million in 2018 from R256 million
in 2017, while profit before tax decreased marginally to
R15 million in 2018 from R16 million in 2017.
Notwithstanding the impact of a marginally lower average
exchange rate on the translation of the Australasia results,
this segment continues to report strong revenue growth
and profitability.
CASH FLOW AND GOING CONCERN
The Group had a net cash outflow from operating
activities of R108 million compared to a net cash outflow
from operating activities of R48 million in the prior period,
with a decrease in net cash and cash equivalents to
R194 million from R318 million at the prior year end. Of the net
cash on hand at 31 December 2018, R90 million is ceded
and pledged to a local bank to cover trading facilities,
R69 million is offshore with ELB subsidiaries and a further
amount is cash received in advance on projects which is
committed to fund initial project outlays. The net cash
outflow and decrease in cash for the period is primarily as
a result of the increased working capital commitments on
the Gamsberg Zinc project.
The delay in the final performance testing on the
Gamsberg Zinc project has negatively impacted the
timing of the cashflows relating to this project and as a
result the Engineering Services segment has been placed
under severe working capital constraints. It is expected
that only on final commissioning of the Gamsberg Zinc
project will the resultant cashflow assist in clearing a
significant element of these working capital constraints.
The negative impact on Group cashflow of the Gamsberg
Zinc project is being addressed, with the Group working
closely with the project client, its bankers, insurers, other
financial institutions, suppliers and customers to resolve
the cashflow constraints as soon as possible.
The ELB Board believes that the Group will remain a
going concern, based on: an undertaking in the process
of being finalised with the Gamsberg Zinc project client,
which will result in the settlement of the Gamsberg Zinc
project creditors; the successful restructuring of
components of the Group; additional financing facilities
currently being negotiated with the Group's lenders, all
still to be concluded and current banking facilities.
PROSPECTS
The Group is addressing the issues on the Gamsberg Zinc
project which will be resolved in due course and it
continues to pursue the completion and handover of this
project as soon as possible.
The Group continues to pursue identified opportunities and
to deliver on its strategy.
On behalf of the Board
Dr Stephen Meijers
Chief Executive Officer
ELB Group and ELB Engineering Services
Peter Blunden
Chief Executive Officer
ELB Equipment
Michael Easter
Group Financial Director
ELB Group
Boksburg
5 April 2019
GROUP BALANCE SHEET
Unaudited Unaudited Audited
31 Dec 18 31 Dec 17 30 Jun 18
R' 000 R' 000 R' 000
ASSETS
Non-current assets 351 414 345 810 346 761
Property, plant and equipment 184 749 166 282 181 555
Goodwill and intangible assets 15 358 17 931 16 644
Pension fund employer surplus account 39 650 40 515 39 650
Deferred tax assets 111 657 121 082 108 912
Current assets 1 428 754 1 681 492 2 079 691
Contract work not yet billed 137 635 342 861 667 806
Inventories 833 388 594 386 727 830
Receivables and other current assets 195 969 354 354 349 514
Cash and cash equivalents 261 762 389 891 334 541
Total assets 1 780 168 2 027 302 2 426 452
EQUITY AND LIABILITIES
Equity attributable to ordinary shareholders of the Company 252 743 736 680 780 165
Issued capital 109 178 109 479 109 178
Treasury shares (74 531) (51 115) (74 587)
Reserves 64 691 60 206 64 152
Retained earnings 153 405 618 110 681 422
Non-controlling interests 7 856 90 112 98 301
Total equity 260 599 826 792 878 466
Non-current liabilities 40 807 38 664 37 807
Interest bearing borrowings 25 409 24 237 22 554
Deferred tax liabilities 15 398 14 427 15 253
Current liabilities 1 478 762 1 161 846 1 510 179
Contract liabilities 218 638 162 552 176 404
Interest-bearing borrowings 96 870 111 348 108 407
Payables and other current liabilities 1 095 062 861 170 1 208 956
Bank overdraft 68 192 26 776 16 412
Total liabilities 1 519 569 1 200 510 1 547 986
Total equity and liabilities 1 780 168 2 027 302 2 426 452
Net asset value per ordinary share (cents) 890 2 613 2 754
GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 18 31 Dec 17 30 Jun 18
R' 000 R' 000 R' 000
Sales 1 598 129 1 715 259 3 714 238
Operating costs excluding depreciation and amortisation of
non-financial assets (1 802 238) (1 629 398) (3 530 690)
Operating (loss)/profit before depreciation and amortisation of
non-financial assets (204 109) 85 861 183 548
Depreciation and amortisation of non-financial assets (10 951) (10 425) (20 076)
(Loss)/profit from operations (215 060) 75 436 163 472
Finance income 6 347 10 383 19 765
Finance expenses (9 531) (6 161) (12 310)
(Loss)/profit before income tax (218 244) 79 658 170 927
Income tax expense (53 223) (27 670) (59 662)
(Loss)/profit for the period (271 467) 51 988 111 265
Other comprehensive income 328 (8 734) (1 673)
Items that will not be reclassified to profit or loss
Non-controlling interests in foreign currency translation adjustments 94 (1 353) 113
Pension fund employer surplus account remeasurements (1 500) (923) (3 733)
Aeroplane revaluation surplus increase 678 161 173
Income tax effect of items that will not be reclassified to profit or loss 234 371 941
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve adjustments attributable
to ordinary shareholders of the Company 794 (7 888) 1 149
Income tax effect of adjustments 28 898 (316)
Total comprehensive income for the period (271 139) 43 254 109 592
(Loss)/profit for the period attributable to:
Ordinary shareholders of the Company (231 034) 45 089 96 821
Non-controlling interests (40 433) 6 899 14 444
(271 467) 51 988 111 265
Total comprehensive income attributable to:
Ordinary shareholders of the Company (230 878) 37 533 95 073
Non-controlling interests (40 261) 5 721 14 519
(271 139) 43 254 109 592
Earnings per share (cents)
Basic earnings per share (814,4) 159,5 343,9
Diluted basic earnings per share (814,0) 159,4 343,8
Headline earnings per share (817,0) 157,6 341,0
Diluted headline earnings per share (816,6) 157,6 340,9
GROUP STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 18 31 Dec 17 30 Jun 18
R' 000 R' 000 R' 000
Opening balance 878 466 802 229 802 229
Effect of IFRS 15 adoption (332 670) - -
Opening balance (restated) 545 796 802 229 802 229
Total comprehensive income for the period (271 139) 43 254 109 592
(Loss)/profit for the period (271 467) 51 988 111 265
Other comprehensive income 328 (8 734) (1 673)
Total contributions by and (distributions to) owners (13 835) (18 691) (33 355)
Ordinary dividends paid (14 690) (14 296) (23 493)
Distributions to non-controlling interests - - (820)
Ordinary shares repurchased and cancelled - (301)
Equity-settled share options expense - - 1 171
Ordinary shares acquired and held as treasury shares - (6 321) (28 371)
Treasury shares paid up and released to participants 855 1 926 18 459
Changes in ownership interests in subsidiaries
Acquisition of non-controlling interests (223) - -
Closing balance 260 599 826 792 878 466
Comprising:
Issued capital 109 178 109 479 109 178
Treasury shares (74 531) (51 115) (74 587)
Reserves 64 691 60 206 64 152
Retained earnings 153 405 618 110 681 422
Equity attributable to ordinary shareholders of the Company 252 743 736 680 780 165
Non-controlling interests 7 856 90 112 98 301
Total equity 260 599 826 792 878 466
GROUP STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 18 31 Dec 17 30 Jun 18
R' 000 R' 000 R' 000
Net cash flows from operating activities (108 446) (48 274) (69 922)
Cash (utilised by)/generated from operations (204 109) 90 380 184 350
Net working capital movements 136 489 (116 444) (206 583)
Net finance (expense)/income (3 184) 4 222 7 455
Taxation paid (22 952) (12 136) (30 831)
Dividends and distributions paid (14 690) (14 296) (24 313)
Net cash flows from investing activities (10 948) (11 511) (32 224)
Purchase of property, plant and equipment (13 242) (13 806) (32 505)
Purchase of additional interest in joint operation - - (3 393)
Proceeds from the sale of plant and equipment 2 294 2 295 3 674
Net cash flows from financing activities 1 496 (4 618) (15 264)
Net extention/(repayment) of interest-bearing borrowings 864 (223) (5 051)
Acquisition of non-controlling interests (223) - -
Ordinary shares repurchased and cancelled - - (301)
Ordinary shares acquired and held as treasury shares - (6 321) (28 371)
Treasury shares paid up and released to participants 855 1 926 18 459
Decrease in cash and cash equivalents (117 898) (64 403) (117 410)
Cash and cash equivalents at the beginning of the year 318 129 437 118 437 118
Effect of exchange rate movements on cash balances (6 661) (9 600) (1 579)
Cash and cash equivalents at the end of the period 193 570 363 115 318 129
SEGMENT INFORMATION
Consolidation
Engineering and
Total Equipment Services Australia Central elimination
R' 000 R' 000 R' 000 R' 000 R' 000 R' 000
Unaudited
Six months ended 31 December 2018
Sales
External sales 1 598 129 462 999 847 885 287 218 27 -
Inter-segment sales - 196 - - 9 771 (9 967)
Total sales 1 598 129 463 195 847 885 287 218 9 798 (9 967)
(Loss)/profit before income tax (218 244) 35 894 (265 461) 14 628 (3 947) 642
Assets 1 780 168 1 025 214 390 637 470 479 97 487 (203 649)
Liabilities 1 519 569 533 466 910 596 230 921 28 977 (184 391)
Unaudited
Six months ended 31 December 2017
Sales
External sales 1 715 259 485 140 974 245 255 841 33 -
Inter-segment sales - 762 - - 12 266 (13 028)
Total sales 1 715 259 485 902 974 245 255 841 12 299 (13 028)
Profit/(loss) before income tax 79 658 47 430 23 829 16 367 (7 814) (154)
Assets 2 027 302 937 929 818 323 309 859 100 549 (139 358)
Liabilities 1 200 510 484 557 718 294 103 915 19 164 (125 420)
Audited
Year ended 30 June 2018
Sales
External sales 3 714 238 970 918 2 230 270 512 970 80 -
Inter-segment sales - 5 864 59 - 20 692 (26 615)
Total sales 3 714 238 976 782 2 230 329 512 970 20 772 (26 615)
Profit/(loss) before income tax 170 927 87 220 51 219 37 041 (4 912) 359
Assets 2 426 452 929 977 1 054 336 523 189 96 241 (177 291)
Liabilities 1 547 986 445 549 936 580 291 311 23 439 (148 893)
HEADLINE EARNINGS, SHARES IN ISSUE AND PER SHARE MEASUREMENTS
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 18 31 Dec 17 30 Jun 18
CALCULATION OF HEADLINE EARNINGS (R'000)
(Loss)/profit attributable to ordinary shareholders of the Company (231 034) 45 089 96 821
Less: Items excluded from headline earnings 750 524 811
Profit on disposal of plant and equipment 1 224 858 1 338
Income tax effect on profit on disposal of plant and equipment (343) (242) (385)
Non-controlling interests in profit on disposal of plant and equipment (131) (92) (142)
Headline earnings (231 784) 44 565 96 010
WEIGHTED AVERAGE NUMBER OF ORDINARY
SHARES IN ISSUE ('000)
Number of shares at the beginning of the year 32 503 32 519 32 519
Less: Effect of treasury shares in Group entities
at the beginning of the year (4 171) (4 151) (4 151)
Basic number of shares in issue at the beginning of the year 28 332 28 368 28 368
Weighted average effect of changes during the period
Treasury shares acquired during the period - (115) (570)
Treasury shares released to incentive scheme participants 38 22 357
Weighted average number of shares in issue 28 370 28 275 28 155
Effect of outstanding share options 13 7 7
Diluted weighted average number of shares in issue 28 383 28 282 28 162
BASIC NUMBER OF SHARES IN ISSUE AT
THE END OF THE PERIOD ('000)
Ordinary shares in issue 32 503 32 519 32 503
Less: Treasury shares in issue (4 102) (4 326) (4 171)
Ordinary shares in issue on which net asset value
per ordinary share is calculated 28 401 28 193 28 332
PER SHARE MEASURES (CENTS)
Earnings per ordinary share
- basic (814,4) 159,5 343,9
- diluted (814,0) 159,4 343,8
Headline earnings per ordinary share
- basic (817,0) 157,6 341,0
- diluted (816,6) 157,6 340,9
Net asset value per ordinary share 890 2 613 2 754
Dividends declared for the period per ordinary share - 32 82
NOTES
BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed group interim financial statements are prepared in accordance with International Financial
Reporting Standard IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards
Council and the requirements of the Companies Act of South Africa.
The accounting policies applied in the preparation of the condensed group interim financial statements are in
terms of International Financial Reporting Standards and are consistent with those applied in the previous
consolidated financial statements except for those new standards adopted.
CHANGE IN ACCOUNTING POLICIES
The adoption of certain new standards, which became effective in the current period, has resulted in changes to
accounting policies and disclosures, of which the adoption of IFRS 15: Revenue from Contracts with Customers
("IFRS 15") has had a material impact on the financial position of the Group.
The Group adopted IFRS 15 with effect from 1 July 2018, using the cumulative effect method. As a result, the
cumulative effect of initial application of the standard is recognised as an adjustment to equity at the beginning
of the current financial reporting period. Comparative information has not been restated, and continues to be
reported in terms of the previous applicable standards, IAS 11 and IAS 18.
Under IFRS 15, revenue is recognised when a customer obtains control of the goods or services. Determining the
timing of the transfer of control at a point in time or over time requires judgement.
The following table summarises the impact of the adoption of IFRS 15 on the Group:
Type of Nature, timing of satisfaction of Nature of change in
product/service performance obligations, accounting policy
significant payment terms
Construction Revenue incorporates the original The implementation of IFRS 15 had
contract value together with any no impact on the recognition of
approved variations and claims to revenue for construction contracts.
the extent it is highly probable they
will result in revenue. The impact of the implementation of
IFRS 15 on onerous contracts is
Revenue is recognised over time by described below.
measuring the progress of the contract
toward completion.
When a claim or variation is recognised,
the cumulative contract price is
revised and the measurement of
progress toward completion is
reassessed at each reporting date
and any increases or decreases in
revenue accounted for.
Sale of goods The Group recognises revenue when a The implementation of IFRS 15 had no
customer obtains control of the goods, impact on the recognition of revenue
which will be through delivery or for the sale of goods.
collection.
Where the Group identifies an onerous construction contract, an onerous contract provision is required to be
recognised. IFRS 15 does not include specific guidance on the accounting for onerous contracts. As this
standard withdraws the previous accounting standard (IAS11), accounting for onerous contracts is now in terms
of IAS 37: Provisions, Contingent Liabilities and Contingent Assets ("IAS 37"). IAS 37 places a higher threshold to
be met in order for a Company to recognise the reimbursement of contract costs. As a result, reimbursements
which were previously considered to be highly probable at 30 June 2018 do not qualify for recognition under IAS
37 and therefore an accumulated debit adjustment to equity has been accounted for.
IMPACT ON THE FINANCIAL STATEMENTS
The following table summarises the impact of adopting IFRS 15:
At Adoption At
30 June 2018 of IFRS 15 1 July 2018
Consolidated balance sheet (R' 000)
Assets
Deferred income tax assets 108 912 29 575 138 487
Contract work not yet billed 667 806 (362 245) 305 561
Equity
Retained earnings 681 422 (282 769) 398 653
Non-controlling interests 98 301 (49 901) 48 400
Excluding the abovementioned adjustments, there is no other material impact from application of IFRS 9 and
IFRS 15 for the Group on these results.
RELATED PARTY TRANSACTIONS
Group entities entered into various sale and purchase transactions with related parties in the Group in the ordinary
course of business, the nature of which was consistent with those previously reported. All transactions and
balances with these related parties have been eliminated in the consolidated results.
FAIR VALUE
The ELB Group measures foreign currency forward exchange contracts at fair value using inputs as described in
Level 2 of the fair value hierarchy. The fair values for foreign currency forward exchange contracts are based on
quotes from brokers. Similar contracts are traded in an active market and the quotes reflect the actual
transactions on similar instruments. All other financial assets or liabilities carrying values approximate their fair
values based on the nature or maturity period of the financial instrument. There were no transfers between Levels
1, 2 or 3 of the fair value hierarchy during the period.
CAPITAL EXPENDITURE INCURRED AND FUTURE CAPITAL EXPENDITURE COMMITMENTS
Capital expenditure of R13 million (2017: R14 million) was incurred during the period on plant and equipment.
Capital expenditure of R33 million was incurred during the year ended 30 June 2018 on plant and equipment.
There were no material capital expenditure committments at each reporting date.
CONTINGENCIES
The Group operates in the engineering contracting business and is exposed to the risks associated with
engineering contracts which does from time to time include the need to resolve disputes by way of mediation,
arbitration and if need be, litigation. These risks are managed on the basis of limited liability and appropriate
insurances.
FINANCIAL PREPARATION AND INDEPENDENT AUDIT
The preparation of the condensed group interim financial statements was supervised by the group financial
director, Michael Easter CA(SA). These condensed group interim financial statements have not been reviewed or
audited by the Group's independent external auditors.
POST BALANCE EVENTS
There were no significant events arising between the end of the financial reporting period and the date of the
Group Interim Report which materially affect the financial position or results of the Group.
ELB GROUP LIMITED
Registered office
14 Atlas Road, Anderbolt, Boksburg 1459
Postal address
PO Box 565, Boksburg, 1460
Telephone
+27 11 306 0700
Website
www.elb.co.za
Email
admin@elb.co.za
Share transfer secretaries
Computershare Investor Services Proprietary Limited
2nd Floor, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)
Directors
AG Fletcher (chairman),
Dr SJ Meijers (group chief executive and chief executive - ELB Engineering Services),
PJ Blunden (chief executive - ELB Equipment), MC Easter (financial director), T de Bruyn*,
Dr JP Herselman*, B Makhunga*, R Nkabinde*, MV Ramollo, CJ Smith (alternate),
IAR Thomson*, JC van Zyl*.
*Independent non-executive
Company secretary
Elbex Proprietary Limited
Sponsor
Questco Corporate Advisory Proprietary Limited
1st Floor, Yellowwood House, Ballywoods Office Park
33 Ballyclare Drive, Bryanston, 2191
Release date
The unaudited group interim report was released on 5 April 2019.
Date: 05/04/2019 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
